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Author:
John Coletta
Posted:
07.16.2009

A Win for the Cubs

At a time when real estate assets are moving slowly, other areas are being eyed for opportunity plays.  Bond salesman Thomas Ricketts had just about closed his bidding group’s purchase of the Chicago Cubs from the Chicago Tribune.  Documents relating to the fully financed transaction were sent to Major League Baseball over the 4th of […]

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Author:
James I. Clark III
Posted:
07.14.2009

Ernst & Young Examines Distressed Debt

Ernst & Young recently conducted a distressed debt survey to determine who will be the most active direct sellers of non-performing loan portfolios.  The results are interesting. 36 percent responded it will be regional banks and thrifts 32 percent responded it will be money center banks 13 percent responded it will be the United States […]

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Author:
Matt Ward
Posted:
07.13.2009

TIC Owners Caught in the Downturn

While the commercial real estate market waits to bottom out, dozens of smaller buyers who pooled their dollars to buy office buildings during the boom may be in worse shape than large institutional investors.  These tenants-in-common (TIC) funds, which allow smaller investors to own multiple office buildings together, are facing the same issues as giant […]

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Author:
James I. Clark III
Posted:
06.29.2009

CMBS Maturities Face Eventual Day of Reckoning

Moody’s reiterated its February analysis of CMBS loans,  noting that the majority of 2006 – 2008 ratings of conduit/fusion and large-loan deals are still stable.  The ratings agency warns that the assumptions hold up “as long as conditions in the commercial real estate market and the general economy do not weaken.” Since February, “property prices […]

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Author:
Sam Gould
Posted:
06.26.2009

FDIC Walking Away from Leases of Failed Banks

Troubled Los Angeles-based office REIT Maguire Properties is facing default and currently is in discussions with a special servicer to resolve its financial woes.  The goal is to have the special servicer take over Maguire’s $106 million CMBS financing covering the Quintana office campus it owns in Orange County, CA.  The campus’s major tenant was […]

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Author:
Matt Ward
Posted:
06.24.2009

Have We Hit Bottom Yet?

Slowly advancing first-quarter sales may not make this the right time to pop the champagne corks-though it does represent a plateau compared with the previous quarter and suggests that the bottom may be in sight.  This update comes from Real Capital Analytics (RCA), which warns that “there is no recovery in sight”. In its June […]

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Author:
Matt Ward
Posted:
06.17.2009

Deal or No Deal?

Chicago’s iconic post office that straddles the Eisenhower Expressway has been vacant since a new facility replaced it in 1995, and the U.S. Postal Service has decided it’s time to sell the deteriorating structure at 433 West Van Buren Street. On August 27, the Postal Service will auction the 77-year-old, 3,000,000 SF, 14-story building.  The […]

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Author:
James I. Clark III
Posted:
06.15.2009

Local Banks Facing Significant CRE Losses

Toxic commercial real estate loans could create losses up to $100 billion for small and mid-size banks by the end of 2010 if the economy worsens.  According to a Wall Street Journal report – which applied the same criteria used by the federal government in its stress tests of 19 big banks — these institutions […]

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Author:
Russ Posey
Posted:
06.10.2009

Florida Legislature Hands Developers a Victory

Florida’s commercial real estate development community won big time in the Florida Legislature’s 2009 session with passage of the Community Renewal Act.  The legislation limits local governments’ ability to collect impact fees from developers, a step that is certain to encourage new commercial development in the Sunshine State. NAIOP Florida strongly supported the bill, which […]

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Author:
Sam Gould
Posted:
06.09.2009

Bank of America Slaps Foreclosure Notice on Waterview Tower

Bank of America has pulled the plug on Chicago’s high-profile Waterview Tower with its filing of a foreclosure lawsuit against the 90-story condominium and hotel tower overlooking the Chicago River.  The bank has sued to collect $20 million from the developer, an affiliate of Chicago-based Teng & Associates, which stopped construction last year. The building’s […]

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